Billionaire Tom Siebel Does It Again: Shares of C3.ai Soar 140% in First-Day Trading AT IPO

In June, Tom Siebel predicted another recession, this one trigged by the spread of Covid-19. Now as his software business C3.ai goes public on the New York Stock Exchange, the billionaire entrepreneur is glad he was wrong.

C3.ai priced at $42 on Tuesday night, selling 15.5 million shares and raising $651 million in new funding. Shares of C3 soared more than 140% in the company’s initial minutes trading on Wednesday, implying a market cap, at least temporarily, approaching $10 billion.

Siebel, a former Oracle veteran who sold his previous business, Siebel Systems, back to Oracle for nearly $6 billion nearly 15 years ago, founded C3.ai in 2009. The enterprise software provider reported revenue of $157 million for its fiscal year which ended on April 30, up 71% year-to-year, according to the company’s S-1 regulatory filing. To date, the company is not profitable, registering a net loss of $69 million for that period, up from $33 million the year before.

Read the full article on Forbes here.